Amid the growing concerns about the current economy, small business owners continue to recognize having a solid retirement plan as an important issue both personally and to their employees. This is according to survey results released last week by SunTrust Banks, Inc.

If you took an early distribution from your retirement plan, here are some things the IRS wants you to know: Payments you receive from your Individual Retirement Arrangement before you reach age 59 ½ are generally considered early or premature distributions. Early distributions are usually subject to an additional 10 percent tax. Early distributions must also be reported to the IRS. Distributions you rollover to another IRA or qualified retirement plan are not subject to the additional 10 percent tax.

Retirees and baby boomers throughout the nation are wondering with great trepidation, what would happen to them if their health care coverage were simply taken away? Many fear that the current economic crisis in America will speed up that process. It has already occurred with retirees of some of America's largest corporations, and municipalities are threatening to follow suit. According to Paul Miller, executive director of the national retiree advocacy group, ProtectSeniors.Org, the situation is as dire as the bailout was for the auto industry, Wall Street, and America's major banks.

Executives may be spending more of their golden years on the job than on the golf course, a new study suggests. In fact, more than half (52 percent) of chief financial officers (CFOs) surveyed recently stated that they are delaying or reconsidering their retirement plans. The majority (62 percent) who intend to extend their working years attribute the change in plans to the economy.The survey was developed by Robert Half Management Resources.

The Internal Revenue Service has adopted a Scrooge-like attitude for the holiday season, deciding not to give a break to retirees who must withdraw funds from tax-deferred accounts. No relief will be granted to Americans ages 70 1/2 and older who are required to make minimum withdrawals from their retirement plans. The IRS said administrative changes for 2008 would be confusing and complicated for both individual taxpayers and retirement plan sponsors, Forbes.com reported.

When it comes to Social Security, two-thirds of small business owners in this country want the opportunity to manage their own accounts, according to a new survey conducted by Harris Interactive and commissioned by ING DIRECT's ShareBuilder 401k.The new survey, completed by more than 500 small business owners across the U.S., reveals that: 

"The current economic turmoil has placed a strain on the employer-sponsored retirement system," said American Benefits Council President James A. Klein at a briefing for the news media this week.